WELLS RURAL ELECTRIC COMPANY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1958

Legal Domicile

Principal Officer

THAD BALLARD

Phone

7757523328

Tax Period

2023-01-01 to 2023-12-31

WELLS RURAL ELECTRIC COMPANY, founded in 1958, is a mid-sized nonprofit that reported $50.2M in total revenue in fiscal year 2023. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $43.6M left a modest 13% surplus.

Mission

WELLS RURAL ELECTRIC COMPANY IMPROVES THE QUALITY OF LIFE OF THE COMMUNITIES WE SERVE BY MEETING THE CHANGING NEEDS OF OUR MEMBERS THROUGH THE GUIDING PRINCIPLES OF OUR LOCALLY CONTROLLED COOPERATIVE.

Program Service Accomplishments

Program 1

PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 6,339 ACTIVE SERVICES AT YEAR END.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $43,524,711

Investment Income $382,103

Other Revenue $6,314,088

TOTAL REVENUE $50,220,902

Expense Breakdown

Grants Paid $43,847

Salaries & Benefits $5,784,355

Fundraising Expenses $0

Other Expenses $35,282,209

TOTAL EXPENSES $43,638,774

Year-over-Year Comparison

	2023	2022	Change
Revenue	$50,220,902	$45,338,751	+0.1%
Expenses	$43,638,774	$45,284,881	0.0%
Net Income	$6,582,128	$53,870	+121.2%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,655,316

Total Directors

$286,469

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GERALD ANDERSON	DIRECTOR	7.00	Director	$45,269	$0	$45,269
KIRK DAHL	DIRECTOR	2.00	Director	$17,050	$0	$17,050
M JONATHAN DAHL	VICE PRESIDENT	7.00	Officer Director	$25,950	$0	$25,950
SCOTT EGBERT	PRESIDENT	4.00	Officer Director	$48,515	$0	$48,515
OUIDA MADISON	DIRECTOR	3.00	Director	$22,050	$0	$22,050
ALFRED MONTES DE OCA	DIRECTOR	4.00	Director	$17,550	$0	$17,550
LOIS NANNINI	DIRECTOR (JAN-AUG)	4.00	Director	$30,883	$0	$30,883
JIM WHITED	SECRETARY/TREASURER	4.00	Officer Director	$15,425	$0	$15,425
BRUCE WIDMER	DIRECTOR	4.00	Director	$19,175	$0	$19,175
ROBERT WILCOX	DIRECTOR	7.00	Director	$24,052	$0	$24,052
TONY MACIAS	DIRECTOR	6.00	Director	$17,750	$0	$17,750
CAMERON HUFF	DIRECTOR (SEP-DEC)	4.00	Director	$2,800	$0	$2,800
CLAY R FITCH	CHIEF EXECUTIVE OFFICER	40.00	Officer	$316,187	$107,205	$423,392
THAD BALLARD	DIRECTOR OF ADMIN & POWER SUPPLY	40.00	Officer	$140,809	$134,692	$275,501
JEFFERY R CROMIE	DIRECTOR OF STRATEGY & DEVELOPMENT	40.00	Officer	$161,671	$86,943	$248,614
CYNTHIA GOOD	DIRECTOR OF ACCT, FINANCE, & HR	40.00	Officer	$126,747	$83,200	$209,947
RYAN BRODSHO	DIRECTOR OF PLANNING	40.00	Officer	$162,375	$81,859	$244,234
MIKE GIROLAMO	DIRECTOR OF OPERATIONS	40.00	Officer	$129,724	$34,014	$163,738
ZANE PETERS	TROUBLEMAN	47.00	Highest	$165,471	$57,537	$223,008
JAMES WINES	FOREMAN	45.00	Highest	$157,137	$46,465	$203,602
COLTON RASMUSSEN	LINEMAN	45.00	Highest	$148,624	$32,167	$180,791
JACOB MANNING	FOREMAN	44.00	Highest	$149,586	$65,954	$215,540
KYLE MURPHY	FOREMAN	42.00	Highest	$146,582	$58,600	$205,182

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$50,220,902	$43,638,774	$74,702,858	$6,582,128
2022	$45,338,751	$45,284,881	$65,706,155	$53,870
2021	$46,093,733	$45,197,497	$65,645,854	$896,236
2020	$45,000,714	$45,091,659	$72,687,996	$-90,945
2019	$43,966,550	$43,842,865	$55,127,135	$123,685
2018	$45,364,476	$45,239,451	$51,655,587	$125,025